International money transfers are useful for many things. Whether you have family living abroad, a friend exploring the world, or you hold a bank account in another country.
Chances are, you’ll need to know how to transfer money internationally. An international money transfer is a monetary transaction from France to an account in a different country. It can be both internal (to a third-party account under your name) or external (to a different banking establishment).
This guide will inform you about the different types of money transfers and how to send money abroad. Discover the practicalities of sending money around the world, including delays and financial safety.
In this article
- What is an international money transfer?
- How to make an international transfer
- What are the delays for an international transfer?
- What fees are expected for an international transfer?
- Is it safe to transfer money abroad?
- FAQs and guides
What is an international transfer?
An international bank transfer is a method of sending money from one country to another. The two main types of international bank transactions are SEPA transfers and non-SEPA transactions.
SEPA transfers
A SEPA transfer is a transaction made to a country within the Single Euro Payments Area. This also extends outside of the EU, to include areas such as the UK, Iceland, Norway, and the Principality of Monaco.
Non-SEPA transfers
A non-SEPA transaction is one that is made to countries that are not included in the European Monetary Union. Most of these international transfers will take place in a foreign currency.
How to make an international transfer?
Before starting your international money transfer, it’s important to check what information you need to ensure the transaction is successful and reaches the right receiver.
Your money can be transferred in the foreign currency, or euros. If you receive an international money transfer to your account, it’ll be converted into euros.
What information do you need to send money abroad?
To send money internationally, you’ll need to provide accurate details of your bank as well as the amount you would like to send. You also need correct information about your receiver’s bank for an international bank transfer.
Don’t forget to ensure that you have sufficient funds in your sending account and take into consideration the exchange rate and transfer fee.
A SEPA and a non-SEPA transfer require the following information:
- The details of the receiver (name, address, etc.)
- IBAN number (international banking account number)
- BIC code (bank identifier code) or SWIFT code (Society for Worldwide InterBank Financial Telecommunications).
This information can be found on their RIB – their banking identity statement.
Ways to send money internationally
These are some of the main ways you can complete an international money transfer:
- Online – use your mobile banking app on your smartphone, or log into your account on your computer to complete an international online money transfer. Complete the transaction from the comfort of your home, or on the move.
- At the bank counter – benefit from the expertise of agents at the bank counter, who should be able to walk you through your international money transfer.
- Money transfer institutions – these are services or platforms where you can do financial operations. These services generally offer fast, reliable, and encrypted international money transfers to hundreds of countries around the world.
What are the delays for an international transfer?
As you are transferring money to a foreign bank account, you should consider scenarios that could delay your payment. Plan ahead to avoid missing important bill payments or birthday gifts. The time it takes for your international transfer to reach its destination varies on the country, methods used and hours of operation.
A standard SEPA transaction can take one working day from the receipt of the transfer and up to two if it’s a paper order. If you need to send money abroad quickly, you could opt for an instant SEPA transfer. This transaction only takes around 10 seconds to transfer from the payee account to the receiver.
It takes significantly longer for a non-SEPA transaction to be completed, particularly if the money needs to pass through any intermediary banks. On average you can expect the international money transfer to take between four and five working days.
What fees are expected for an international transfer?
Make sure you are aware of any fees before committing to an international transfer, to ensure that you have enough funds to cover the transaction. Instant SEPA transfers may incur a small fee, whereas standard SEPA transfers are often free online, and never more than a domestic transfer.
SEPA transfers to a foreign currency may cost up to €30 per transfer, even if they are completed inside the SEPA zone. Exchanges outside of the SEPA zone may set you back between €15 and €50 for transactions of €1000. These charges may include issuing commissions and foreign exchange fees. The receiving account may also be charged a reception fee. To save on these costs, research online transfer companies to find the most competitive rate.
Is it safe to transfer money abroad?
As long as you choose a trusted and reliable method to transfer money internationally, the process should be straightforward with minimal risks. With any transaction there is a certain element of fraud risk, especially with larger values, however, this risk is minimized with in-branch transfers.
It’s important to plan ahead to account for any technical difficulties and choose a banking institution that you trust. Many include fraud prevention technologies and encryption for your peace of mind.
Ensure that all information provided is correct, accurate and up to date, to be certain that the funds will be transferred to the right account.
